Penn Entertainment price target lowered to $28 from $33 at Macquarie

Macquarie lowered the firm’s price target on Penn Entertainment to $28 from $33 and keeps an Outperform rating on the shares after the company reported a Q1 miss. The land-based business’ results were in-line, but higher-than-expected Interactive losses prompted the miss, noted the analyst, who views the digital trajectory as remaining the “main driver of the PENN story.”